Qualcomm phone chip sales fall 26% while automotive revenue climbs 89%

Qualcomm said on Wednesday that revenue from automotive chips jumped 89% to a record $1.99 billion in the quarter ended Sept. 27. Handset chip revenue dropped 26% to $5.14 billion in the same quarter. Automotive revenue beats the $1.66 billion forecast Qualcomm’s fiscal fourth-quarter results indicate car chip sales were up from $1.05 billion a year earlier. Full year automotive revenues grew 52% to $6 billion. The quarter beat analyst expectations of $1.66 billion. Handsets stay Qualcomm’s largest business. Phone chip sales fell to $5.14 billion, down from $6.96 billion a year earlier and below estimates of $5.21 billion. Full-year handset revenue fell 13% to $24.07 billion. Rising memory prices have pushed up costs for phone makers, harming demand. Android shipments in the Chinese market have dropped, Qualcomm said.

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